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JohnnyFrederick

BA201 Week 5 “Costs and Firms in Perfectly Competitive Markets”

JohnnyFrederick

BA201 Week 5 “Costs and Firms in Perfectly Competitive Markets”

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BA201 Week 5 “Costs and Firms in Perfectly Competitive Markets”

 

Total Cost

 

Fill in the table. Assume TC stands for Total Cost, TFC as Total Fixed Cost, TVC as Total Variable Cost, ATC as Average Total Cost, AFC as Average Fixed Cost, AVC as Average Variable Cost, and MC as Marginal Cost. Then write a paragraph about which level of output would be considered the minimum LRATC.

<table width="80%"> <tbody><tr> <td>

Units of Output

</td> <td>

TC

</td> <td>

TFC

</td> <td>

TVC

</td> <td>

ATC

</td> <td>

AFC

</td> <td>

AVC

</td> <td>

MC

</td> </tr> <tr> <td>

0

</td> <td>

20

</td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td>

1

</td> <td></td> <td></td> <td>

1

</td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td>

2

</td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td>

3

</td> </tr> <tr> <td>

3

</td> <td></td> <td></td> <td></td> <td></td> <td></td> <td>

4

</td> <td></td> </tr> <tr> <td>

4

</td> <td></td> <td></td> <td></td> <td>

12

</td> <td></td> <td></td> <td></td> </tr> <tr> <td>

5

</td> <td>

75

</td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> </tr> <tr> <td>

6

</td> <td></td> <td></td> <td></td> <td></td> <td></td> <td>

16

</td> <td></td> </tr> <tr> <td>

7

</td> <td></td> <td></td> <td></td> <td>

24

</td> <td></td> <td></td> <td></td> </tr> <tr> <td>

8

</td> <td></td> <td></td> <td></td> <td></td> <td></td> <td></td> <td>

86

</td> </tr> <tr> <td>

9

</td> <td></td> <td></td> <td>

360

</td> <td></td> <td></td> <td></td> <td></td> </tr> </tbody></table>

 

 

<table width="781"> <thead> <tr> <td>

Grading Criteria Assignments

</td> <td>

Maximum Points

</td> </tr> </thead> <tbody><tr> <td>

Meets or exceeds established assignment criteria

</td> <td>

40

</td> </tr> <tr> <td>

Demonstrates an understanding of lesson concepts

</td> <td>

20

</td> </tr> <tr> <td>

Clearly presents well-reasoned ideas and concepts

</td> <td>

30

</td> </tr> <tr> <td>

Uses proper mechanics, punctuation, sentence structure, and spelling

</td> <td>

10

</td> </tr> <tr> <td>

Total

</td> <td>

100

</td> </tr> </tbody></table>

 

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